2019-12-03T14:43:34-06:00 2019-06-30 141918990 TEMPLETON & COMPANY LLP 222 LAKEVIEW AVENUE SUITE 1200 WEST PALM BEACH FL 33401 990 2018-07-01 590942383 SAINT ANDREW'S SCHOOL OF BOCA RATON INC STAN 5612102032 3900 JOG ROAD BOCA RATON FL 33434 ETHAN SHAPIRO HEAD OF SCHOOL 5612102032 2019-12-03 1 RICHARD JUBACK P00630706 5617989988 12.10.57.174 2019-12-03 15:43:05 ES P 3D2FC2EC84D8280BB7F82315EF06BF5EB422F4C8 1177FD5996E616EAF72949A3CDA52BDDBFA30F1A 2018 2020-04-17 16:48:07Z ETHAN SHAPIRO 3900 JOG ROAD BOCA RATON FL 33434 48610461 0 X WWW.SAINTANDREWS.NET X 1961 FL SAINT ANDREW'S SCHOOL WAS CHARTERED AS A BOARDING SCHOOL BY THE EPISCOPAL SCHOOL FOUNDATION IN BOCA RATON, FLORIDA IN 1961. THE SCHOOL'S MISSION WAS TO PROVIDE A RIGOROUS ACADEMIC EDUCATION TO 122 UPPER SCHOOL BOYS. OVER THE YEARS THE SCHOOL HAS EXPANDED IN SCOPE AND MISSION TO BECOME AN INDEPENDENT, CO-EDUCATIONAL SCHOOL WITH 1,267 STUDENTS FROM GRADES JK - 12. SAINT ANDREW'S SCHOOL IS A NATIONALLY RECOGNIZED JUNIOR KINDERGARTEN (PRE-K) THROUGH GRADE 12, DAY AND BOARDING, COLLEGE PREPARATORY SCHOOL IN BOCA RATON, FLORIDA, WITHIN PALM BEACH COUNTY. WE OFFER A RIGOROUS, PRIVATE SCHOOL CURRICULUM THAT FOSTERS CREATIVE THINKING, OPPORTUNITIES TO ACHIEVE BALANCE, AND EXPERIENCES THAT BUILD STRONG CHARACTER. WE ARE DELIGHTED TO SERVE STUDENTS FROM OVER 40 COUNTRIES OF MULTIPLE FAITHS AND CULTURES. 18 18 474 150 26522 25521 3803779 2954639 42458861 43969734 287971 383638 124537 420660 46675148 47728671 5842005 6379280 0 0 22459520 23612939 0 0 1695229 18738135 18821111 47039660 48813330 -364512 -1084659 83510146 86373097 54570999 58067967 28939147 28305130 X SAINT ANDREW'S SCHOOL WAS CHARTERED AS A BOARDING SCHOOL BY THE EPISCOPAL SCHOOL FOUNDATION IN BOCA RATON, FLORIDA IN 1961. THE SCHOOL'S MISSION WAS TO PROVIDE A RIGOROUS ACADEMIC EDUCATION TO 122 UPPER SCHOOL BOYS. OVER THE YEARS THE SCHOOL HAS EXPANDED IN SCOPE AND MISSION TO BECOME AN INDEPENDENT, CO-EDUCATIONAL SCHOOL WITH 1267 STUDENTS FROM GRADES JK - 12. SAINT ANDREW'S SCHOOL IS A NATIONALLY RECOGNIZED JUNIOR KINDERGARTEN (PRE-K) THROUGH GRADE 12, DAY AND BOARDING, COLLEGE PREPARATORY SCHOOL IN BOCA RATON, FLORIDA, WITHIN PALM BEACH COUNTY. WE OFFER A RIGOROUS, PRIVATE SCHOOL CURRICULUM THAT FOSTERS CREATIVE THINKING, OPPORTUNITIES TO ACHIEVE BALANCE, AND EXPERIENCES THAT BUILD STRONG CHARACTER. WE ARE DELIGHTED TO SERVE STUDENTS FROM OVER 40 COUNTRIES OF MULTIPLE FAITHS AND CULTURES. 0 0 34629427 6379280 41662129 ACADEMIC PROGRAM:- INSTRUCTION TO APPROXIMATELY 1,267 STUDENTS FROM GRADES PK-12 - INTERNATIONAL BACCALAUREATE PYP PROGRAM FOR PRE-K THROUGH 5TH GRADES, MYP 6TH THROUGH 10TH GRADES, WITH IB DIPLOMA FOR 11TH & 12TH GRADES.- STUDENT ACTIVITIES- STUDENT FOOD SERVICES- SUMMER PROGRAMS 3900109 2654156 AUXILIARY SERVICES:- SCHOOL PUBLICATIONS, NEWSPAPER & YEARBOOK- AUXILIARY FACILITIES USAGE- INFIRMARY- SCHOOL STORE 38529536 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 81 1 1 474 1 1 1 0 0 0 0 1 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 FL X X KATHY VAN VALKENBURG 5612102032 3900 JOG ROAD BOCA RATON FL 33434 DR STEVEN M SHAPIRO CHAIR 3.00 X X 0 0 0 MICHAEL A BOBER VICE CHAIR & TREASURER 3.00 X X 0 0 0 CATHERINE T COOMBS SECRETARY 3.00 X X 0 0 0 PAOLA L JAKOBSON MEMBER-AT-LARGE 3.00 X X 0 0 0 MARC SCOTT ASSISTANT SECRETARY 3.00 X X 0 0 0 MICHAEL F ZAMMIELLO MEMBER-AT-LARGE 1.00 X X 0 0 0 KENNETH M BLATT TRUSTEE 1.00 X 0 0 0 DR ALBERT S COHEN TRUSTEE 1.00 X 0 0 0 HOWARD ELIAS TRUSTEE 1.00 X 0 0 0 MICHAEL GOODMAN TRUSTEE 1.00 X 0 0 0 JASON E JENNINGS TRUSTEE 1.00 X 0 0 0 BRIAN S KESSLER TRUSTEE 1.00 X 0 0 0 STANLEY C MOSS TRUSTEE 1.00 X 0 0 0 CAREN SNEAD WILLIAMS TRUSTEE 1.00 X 0 0 0 MELISSA WIGHT TRUSTEE 1.00 X 0 0 0 THE RIGHT REVEREND PETER EATON EX OFFICIO 1.00 X 0 0 0 FRANKLIN HOMER EX OFFICIO 1.00 X 0 0 0 ETHAN SHAPIRO HEAD OF SCHOOL 50.00 X 492802 0 38345 PHILIP CORK ASSOC HEADMASTER FINANCE (FORMER) 50.00 X 249745 0 17968 ELIAS BASSIL CHIEF INFORMATION OFFICER 50.00 X 160953 0 28159 KATHY VAN VALKENBURG BUSINESS MANAGER 50.00 X 140300 0 28132 EVERETT POISSON DIR OF INSTITUTIONAL ADVANCEMENT 50.00 X 157446 0 38392 THOMAS FALLS DIRECTOR OPERATIONS 50.00 X 141979 0 15880 ROBERT BOURESSA DIRECTOR OF COLLEGE GUIDANCE 50.00 X 131749 0 71274 ANN HAYNES HEAD OF MIDDLE SCHOOL 50.00 X 117224 0 21656 1592198 0 259806 8 0 1 0 0 373745 2580894 19167 2954639 TUITION BOARD & FEES 611110 42085025 42085025 SUMMER CAMPS & PROGRAMS 611710 1583151 1583151 FACILITY REVENUES 611710 215876 215876 STUDENT PUBLICATIONS 611710 85682 85682 43969734 383042 383042 11391 10795 596 596 596 396881 373745 349294 47587 47587 692501 521701 170800 170800 OTHER MISCELLANEOUS 611710 175751 175751 COLLEGE POOL RENTAL 532000 26522 26522 202273 47728671 44316285 26522 431225 6379280 6379280 1694618 1143620 550998 17340726 12897575 3436421 1006730 3179381 2330240 679226 169915 1398214 1024782 298708 74724 260823 260823 71818 71818 49798 49798 333124 16000 317124 290879 5600 169127 116152 99471 14094 76579 8798 5865258 5541496 283292 40470 170928 55489 55152 60287 1588352 794176 794176 3590094 3391920 173402 24772 53623 53623 CONTRACTED FOOD SERVICE 2062187 2062187 REPAIRS AND MAINTENANCE 842231 672889 169342 ACADEMIC SUPPLIES EXPEN 713408 713408 PROFESSIONAL DEVELOPMEN 560409 294175 252270 13964 2268708 1138982 950309 179417 48813330 38529536 8588565 1695229 11381479 14958739 617300 665733 4729102 4452122 250313 419397 367679 387781 786638 569723 103718294 58961192 45807646 44757102 13208769 9967349 5990504 9826217 370716 368934 83510146 86373097 936532 1391680 17664070 20726781 32267086 31830344 3703311 4119162 54570999 58067967 X 13868799 13613024 3318802 2933120 11751546 11758986 28939147 28305130 83510146 86373097 X -1084659 949959 -499317 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 18523494 -4968 1283799 19802325 17363104 -20544 1180934 18523494 18987466 -3141073 1516711 17363104 17655532 1368968 -37034 18987466 13837558 3809153 8821 17655532 0.40620 0.59380 0.00000 0 0 4958242 4958242 71724616 37068426 34656190 13257142 11814481 1442661 13778294 10078285 3700009 44757102 CORPORATE DEBT SECURITIES 8356490 F GOVERNMENT DEBT SECURITIES 739408 F PRIVATE FUNDS 730319 F 9826217 FINANCIAL DERIVATIVE - INTEREST RATE SWAP 3514261 CAPITAL LEASE 604901 4119162 X 42821677 949959 572125 1522084 41299593 49798 6379280 6429078 47728671 42956377 572125 572125 42384252 49798 6379280 6429078 48813330 PART III, LINE 4: THE SCHOOL MAINTAINS MAYAN POTTERY AND PAINTINGS TO ASSIST IN THE EDUCATION OF THE TOPIC TO THE STUDENT BODY AND TO PRESERVE FOR THE USE OF FUTURE STUDENTS. PART V, LINE 4: THE INTENDED USE OF THE ENDOWMENT FUNDS IS TO GENERATE INCOME TO SUPPORT FINANCIAL AID, TO SUPPORT FACULTY SALARIES, TO FUND PROFESSIONAL DEVELOPMENT AND TO MAINTAIN FACILITIES. PART X, LINE 2: SAINT ANDREW'S AND THE FUND HAVE BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE AS ORGANIZATIONS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. SAINT ANDREW'S AND THE FUND ARE REQUIRED TO OPERATE IN CONFORMITY WITH THE PROVISIONS OF THE IRC TO MAINTAIN THEIR EXEMPT STATUS. THE SCHOOL ANALYZES TAX POSITIONS IN JURISDICTIONS WHERE IT IS REQUIRED TO FILE INCOME TAX RETURNS. BASED ON ITS EVALUATION, THE SCHOOL DID NOT IDENTIFY ANY TAX POSITIONS FOR WHICH IT IS REASONABLY POSSIBLE THAT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS WILL SIGNIFICANTLY INCREASE OR DECREASE. FOR THE YEARS ENDED JUNE 30, 2019 AND 2018, THERE WERE NO RELATED INTEREST OR PENALTIES RECORDED OR INCLUDED IN THE SCHOOL'S FINANCIAL STATEMENTS. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR FISCAL YEARS PRIOR TO 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 521,701. RENTAL EXPENSE 50,424. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS PAID 6,379,280. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 521,701. RENTAL EXPENSES 50,424. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS PAID 6,379,280. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION MAINTAINS A WEBSITE IN WHICH IT DESCRIBES ITS MISSION, HISTORY, APPLICATION PROCESS, AND QUALIFICATIONS FOR ADMISSION INCLUDING ITS ADMISSON POLICIES AND NONDISCRIMINATION POLICIES. SAINT ANDREW'S SCHOOL DOES NOT AND SHALL NOT DISCRIMINATE ON THE BASIS OF AGE, GENDER, RACE, RELIGION, COLOR, SEXUAL ORIENTATION, GENDER IDENTITY OR EXPRESSION, NATIONAL ORIGIN, ANCESTRY, CITIZENSHIP STATUS, MARITAL OR FAMILIAL STATUS, PREGNANCY, DISABILITY/HANDICAP, GENETIC INFORMATION, MILITARY STATUS, OR ANY OTHER PROTECTED STATUS IN THE ADMINISTRATION OF ITS EDUCATIONAL PROGRAM, ADMISSION, FINANCIAL AID, ATHLETIC, OR SCHOOL POLICIES. IT STRICTLY ADHERES TO ALL APPLICABLE LOCAL, STATE, AND FEDERAL LAWS. ALL STUDENTS ARE AFFORDED EQUAL RIGHTS AND PRIVILEGES, AND ACCESS TO PROGRAMS AND ACTIVITIES AVAILABLE TO SAINT ANDREW'S SCHOOL STUDENTS. AUCTION 677087 324775 352312 155996 GOLF 82190 48970 33220 19971 3 11349 11349 173327 770626 373745 396881 349294 349294 47587 1 FINANCIAL AID (177)/TUITION REMISSION (95) 6379280 COST OF ATTENDANCE PART I, LINE 2: FINANCIAL AID IS AWARDED BASED ON FINANCIAL NEED. FINANCIAL NEED IS DETERMINED FROM A COMPLETED FINANCIAL AID APPLICATION SUBMITTED BY THE FAMILY REQUESTING AID. THE SCHOOL'S FINANCIAL AID COMMITTEE USES A THIRD-PARTY SERVICE TO HELP TO OBJECTIVELY DETERMINE A FAMILY'S ABILITY TO PAY FOR SCHOOL TUITION AND OTHER EDUCATIONAL EXPENSES, BASED ON A PARENTS' FINANCIAL STATEMENT AND ANY ADDITIONAL SUPPORTING DOCUMENTATION FROM THE FAMILY AS MAY BE NEEDED. X 1 1 X X X 0 0 0 0 0 0 0 0 0 ETHAN SHAPIRO HEAD OF SCHOOL 492802 0 0 0 0 0 13250 0 25095 0 531147 0 0 0 PHILIP CORK ASSOC HEADMASTER FINANCE (FORMER) 249745 0 0 0 0 0 12525 0 5443 0 267713 0 0 0 ELIAS BASSIL CHIEF INFORMATION OFFICER 160953 0 0 0 0 0 13628 0 14531 0 189112 0 0 0 KATHY VAN VALKENBURG BUSINESS MANAGER 140300 0 0 0 0 0 16565 0 11567 0 168432 0 0 0 EVERETT POISSON DIR OF INSTITUTIONAL ADVANCEMENT 157446 0 0 0 0 0 9135 0 29257 0 195838 0 0 0 THOMAS FALLS DIRECTOR OPERATIONS 141979 0 0 0 0 0 7661 0 8219 0 157859 0 0 0 ROBERT BOURESSA DIRECTOR OF COLLEGE GUIDANCE 131749 0 0 0 0 0 10363 0 60911 0 203023 0 0 0 PART I, LINE 1A CERTAIN KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES RECEIVE A HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE FOR THE BENEFIT OF THE SCHOOL. A PALM BEACH COUNTY FLORIDA 596000785 2014-09-02 28730000 SEE SCHEDULE O 0 0 0 A 0 0 0 0 A 0 0 0 0 0 0 0 A 0 0 0 0 1 1 BANK OF AMERICA 31.300000000000 0 0 0 0 0 A 0 X 2 15161 FMV X FUNDRAISING DINNER 1 4006 FMV 0 1 0 FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION (CON'T): ACADEMIC EXCELLENCE AND EDUCATION IN MIND, BODY, AND SPIRIT REFLECT THE SAINT ANDREW'S EXPERIENCE. THE SCHOOL HAS DEVELOPED A CHALLENGING COLLEGE PREPARATORY CURRICULUM, AN IMPRESSIVE ATHLETIC RECORD, AND A DEEP COMMITMENT TO COMMUNITY SERVICE. THE ACADEMIC PROGRAM IS DESIGNED WITH A COMMITMENT TO EDUCATING THE "WHOLE CHILD" WHILE INSTILLING A DEDICATION TO LIFE-LONG LEARNING. SAINT ANDREW'S SCHOOL IS AN INDEPENDENT SCHOOL FOUNDED IN THE EPISCOPAL TRADITION. OUR MISSION IS TO BUILD A COMMUNITY OF LEARNERS, PROVIDE EXCELLENCE IN EDUCATION, AND NURTURE EACH STUDENT IN MIND, BODY, AND SPIRIT. AS AN EPISCOPAL SCHOOL, WE WELCOME STUDENTS OF ALL FAITHS, CUSTOMS, CULTURES AND BELIEFS. ADMISSION IS HIGHLY COMPETITIVE AND APPLICANTS ARE ACCEPTED WITHOUT REGARD TO ECONOMICS, ETHNICITY, OR DENOMINATIONAL STATUS. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION (CON'T): THE ACADEMIC PROGRAM IS DESIGNED WITH A COMMITMENT TO EDUCATING THE "WHOLE CHILD" WHILE INSTILLING A DEDICATION TO LIFE-LONG LEARNING. SAINT ANDREW'S SCHOOL IS AN INDEPENDENT SCHOOL FOUNDED IN THE EPISCOPAL TRADITION. OUR MISSION IS TO BUILD A COMMUNITY OF LEARNERS, PROVIDE EXCELLENCE IN EDUCATION, AND NURTURE EACH STUDENT IN MIND, BODY, AND SPIRIT. AS AN EPISCOPAL SCHOOL, WE WELCOME STUDENTS OF ALL FAITHS, CUSTOMS, CULTURES AND BELIEFS. ADMISSION IS HIGHLY COMPETITIVE AND APPLICANTS ARE ACCEPTED WITHOUT REGARD TO ECONOMICS, ETHNICITY, OR DENOMINATIONAL STATUS. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE SHALL BE RESPONSIBLE FOR THE FOLLOWING: A. FACILITATING DECISION MAKING IN URGENT AND CRISIS CIRCUMSTANCES. ALL ACTIONS SHALL BE REPORTED AS SOON AS PRACTICABLE TO THE FULL BOARD AND RATIFIED AT THE NEXT BOARD MEETING. B. SUPPORTING AND COUNSELING THE HEAD OF SCHOOL. C. DEVELOPING AND OVERSEEING A PROCESS FOR THE BOARD OF TRUSTEE'S ANNUAL EVALUATION OF THE HEAD OF SCHOOL AND FOR DETERMINING THE HEAD OF SCHOOL'S COMPENSATION AND TERMS OF EMPLOYMENT. D. MONITORING THE IMPLEMENTATION OF THE STRATEGIC PLAN ADOPTED BY THE BOARD, AND FROM TIME TO TIME MAKING RECOMMENDATIONS TO THE BOARD CONCERNING MODIFICATION AND UPDATING OF ANY STRATEGIC PLAN PREVIOUSLY ADOPTED BY THE BOARD. E. COORDINATING THE STRATEGIC PLANNING PROCESS FOR THE SCHOOL AND THE BOARD F. WHEN THE BOARD OF TRUSTEES IS NOT IN SESSION, THE EXECUTIVE COMMITTEE MAY EXERCISE ALL OF THE AUTHORITY OF THE BOARD OF TRUSTEES IN THE MANAGEMENT OF THE CORPORATION EXCEPT: I. THE ELECTION AND REMOVAL OF TRUSTEES, OFFICERS OF THE BOARD AND HEAD OF SCHOOL. II. THE AMENDMENT OF THE BY-LAWS; III. THE APPROVAL OF A MATERIAL CHANGE OF THE BUDGET IV. MAKE MAJOR STRUCTURAL DECISIONS (ADD OR ELIMINATE PROGRAMS, APPROVE MERGERS OR DISSOLVE THE CORPORATION). FORM 990, PART VI, SECTION A, LINE 8B THE SCHOOL CONTEMPORANEOUSLY DOCUMENTS MEETINGS HELD, OR WRITTEN ACTIONS TAKEN, DURING THE YEAR BY EACH COMMITTEE WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY, WITH THE EXCEPTION OF THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B ALL VOTING BOARD MEMBERS ARE PROVIDED A COPY OF FORM 990 FOR REVIEW PRIOR TO FILING. A COPY OF FORM 990 IS ALSO PROVIDED TO THE SCHOOL'S AUDIT COMMITTEE FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C SCHOOL HAS A WRITTEN CONFLICT OF INTEREST POLICY, WHICH REQUIRES THE BOARD OF TRUSTEES, OFFICERS AND MANAGERS TO REVIEW ANNUALLY THE REQUIREMENTS FOR THIS POLICY. THE BOARD, OFFICERS AND MANAGERS ACKNOWLEDGE ANNUALLY IN WRITING THEIR COMMITMENT TO FOLLOWING THIS POLICY. DETERMINATION OF WHETHER A CONFLICT EXISTS IS MADE BY THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, OR IF APPEALED BY THE FULL BOARD OF TRUSTEES. TRUSTEES, OFFICERS AND MANAGERS FOUND TO HAVE A CONFLICT OF INTEREST ARE PROHIBITED FROM DELIBERATIONS OR DECISIONS ON THE TRANSACTION. DISCLOSURE OR ACKNOWLEDGEMENT OF A CONFLICT OF INTEREST IS NOTED IN THE MINUTES OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 15A HEADMASTER'S COMPENSATION APPROVED ANNUALLY BY BOARD OF TRUSTEES. CHAIR OF THE BOARD OF TRUSTEES MAKES RECOMMENDATION TO BOARD OF TRUSTEES, USING COMPARABLE COMPENSATION DATA FOR SIMILARLY QUALIFIED PERSONS IN SIMILAR HEADMASTER POSITIONS IN SIMILARLY SITUATED INDEPENDENT SCHOOLS. THIS PROCESS WAS LAST COMPLETED IN 2018. FORM 990, PART VI, SECTION C, LINE 19 UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED LOSS ON CASH FLOW HEDGE -499,317. FORM 990, PART XII, LINE 2C: THE SCHOOL'S AUDIT COMMITTEE HAS NOT CHANGED ITS OVERSIGHT OR SELECTION PROCESS OF THE AUDIT. FORM 990, SCHEDULE K, PART I, LINE (A), COLUMN (A) DESCRIPTION OF PURPOSE OF THE BOND: THE BONDS WERE FINANCED FOR THE ACQUISITION OF LAND, CONSTRUCTION AND EQUIPPING OF AN ADDITIONAL LOWER SCHOOL BUILDING AND IMPROVEMENTS ON THE RELATED TRACT OF LAND AND TO RETIRE THE SCHOOLS OUTSTANDING VARIABLE RATE DEMAND BOND REVENUE BONDS SERIES 2007.